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Record #: O2013-5428   
Type: Ordinance Status: Passed
Intro date: 6/26/2013 Current Controlling Legislative Body: Committee on Finance
Final action: 7/24/2013
Title: Redevelopment agreement with Breakthrough Urban Ministries, Inc. for construction and rehabilitation of property at 326 N Kedzie Ave, 328 N Kedzie Ave, 3209 W Carroll Ave, 3227 W Carroll Ave, 3322 W Carroll Ave and 3334 W Carroll Ave
Sponsors: Emanuel, Rahm
Topic: AGREEMENTS - Redevelopment
Attachments: 1. O2013-5428.pdf
ORPIN AN C E

WHEREAS, pursuant to an ordinance adopted by the City Council ("City Council") of the City of Chicago (the "City") on February 27, 2002 and published at pages 79794-80002 of the Journal of the Proceedings of the City Council (the "Journal") of such date, a certain redevelopment plan and project for the Chicago/Central Park Tax Increment Financing Redevelopment Project Area (the "Area") was approved pursuant to the Illinois Tax Increment Allocation Redevelopment Act, as amended (65 ILCS 5/11-74.4-1 et seg.) (the "Act") and amended pursuant to an ordinance adopted on June 8, 2011 and published at pages 213-398 of the Journal of such date (such amended plan and project are referred to herein as the "Plan"); and

WHEREAS, pursuant to an ordinance adopted by the City Council on February 27, 2002 and published at pages 80003-80014 of the Journal of such date the Area was designated as a redevelopment project area pursuant to the Act; and

WHEREAS, pursuant to an ordinance (the "TIF Ordinance") adopted by the City Council on February 27, 2002 and published at pages 80015-80025 of the Journal of such date tax increment allocation financing was adopted pursuant to the Act as a means of financing certain Area redevelopment project costs (as defined in the Act) incurred pursuant to the Plan; and
WHEREAS, Breakthrough Urban Ministries, Inc., an Illinois not-for-profit corporation-("Breakthrough") and Breakthrough Holdings, Inc., an Illinois not-for-profit corporation ("Affiliate"; together with Breakthrough, collectively, the "Developer"), has purchased and intends to purchase real property commonly known as 3227 W. Carroll, 3209 W. Carroll, 328 N. Kedzie and 326 N. Kedzie, all in Chicago, Illinois (the "City Parcels") and 3330 W. Carroll, 3322 W. Carroll and 3334 W. Carroll all in Chicago, Illinois (the "Joshua Center Parcels"). The Developer plans to commence and complete construction and/or rehabilitation of three buildings offering youth and family services, w...

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